NEW DELHI: Business-to-business packaging materials marketplace Bizongo said it has raised $30 million (about Rs 214 crore) in a fresh round of funding led by Swiss hedge fund Schroder Adveq. Existing investors also participated in the funding, it said.

The Series-C round of equity financing, which values Bizongo at more than $100 million, comes a little less than two years after the company raised $22 million. The previous round was led by B Capital Group, the investment firm cofounded by Eduardo Saverin, and International Finance, the private market investment arm of the World Bank.

Bizongo’s older set of institutional investors, including VC firms Chiratae Ventures and Accel Partners, also participated in the latest round, the company said. “Bizongo has witnessed a significant improvement in operating metrics since the last round of financing and the current round will further help us grow the business in a sustainable way. The funds will be deployed to ramp up technology, expand into newer sectors and increase Bizongo’s penetration across India,” said Aniket Deb, CEO of Bizongo.

“We believe in the vision of the founders who are transforming and digitising the highly fragmented B2B packaging marketplace by leveraging technology and a unique supply chain efficiency solution,” said Kabir Narang, co-head of Asia at B Capital Group.